Posted on 4/05/2016 by Kirsty Craig
If you’ve not heard about auto-enrolment by now you must have had your head in the sand.
Why? Not only because of all the recent publicity, but also because it represents the biggest change to pensions in many years and a significant challenge to all businesses.
What does it mean? Well, every employer in the UK, no matter what type of company, must enroll staff into a pension scheme and contribute towards it. So if you employ at least one person, you are classified as an employer and have certain legal duties to fulfill.
And failure to do so will result in fines from £50 to £10,000 per day depending on the size of your business.
So why is it rearing its head in earnest now? Whilst automatic enrolment into workplace pensions has been rolling out across the UK since 2012, it is only now that 1.8 million small and micro employers need to act. In a phased process over the next three years, every employer will have to enrol eligible staff into a pension scheme.
This is not scaremongering – it’s fact. And you need to act now. So what can you do?
Firstly, you can review our auto-enrolment checklist that we’ve put together specifically for SMEs using various information sources including The Pensions Regulator.
Secondly, you can ask us for a demonstration of our ClarityHR business tool. Developed specifically for SMEs, ClarityHR is an online business application that has everything you need to ensure you comply with the latest regulations.
A fully automated, end-to-end wizard manages your workplace pension obligations and provides a detailed audit trail making auto-enrolment a breeze.
Accessible from any internet-enabled device, ClarityHR is available for an affordable monthly fee and will also help you manage employee information by ensuring that all your HR records are accurate and up-to-date.
So to future proof your business and stop the sharks circling, contact us now for further information.